Modernizing Financial Systems

Modernizing Financial Systems

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Project Details

The Financial System Modernization project focuses on implementing policy, procedure, and system changes needed to increase consistency in financial operations across campus and create the conditions for a successful future ERP implementation. Phase 1 began November 2023 and most activity will conclude September 1, 2024.  Phase 2 is targeted to begin in the fall of 2024.

Project Objectives

  • Enhance the *DEFINE financial system to optimize business operations.
  • Improve business processes and policies.
  • Increase data access, availability, and usability.

Project Working Group

Executive Sponsor: Vice President and Chief Financial Officer.
Policy and Procedure Improvements: Financial and Administrative Services.
Campus Impact Assessment: University Business Services (UBS).
Technical Support: Enterprise Business IT Solutions (eBITS).
Consultation: Council of University Business Officers.

Scope of Work

This project is comprised of two phases with focus areas that include:

Area

Phase I

Phase II

Unified Navigation Framework

Create a unified navigation framework across multiple financial applications.Continued modernization efforts of web interface.

Expand use of Tracker

  • Expand the use of UT Tracker across all CSUs
  • Implement programmatic generation of documents in *DEFINE
  • Expand document generation
  • Retire Request Form System
  • Continue automation efforts

Financial Clean-up

  • Implement best practices for EOM, Unit code, Object Code, Budget group, and Subaccount structure
  • Standardization: clean-up and reduction efforts
 

Enhance Reporting

  • Migrate financial data hub
  • Increase data access
  • Expand training efforts
  • Enhance web-based functional views and university-wide reporting tools

Policy/Procedure Review

  • Review outdated policies and procedures for updates
  • Process improvements: Signature Desk and accounting forms

Request to Pay Lifecycle

  • Huron engagement regarding Jaggaer and potential campus value
  • Evaluation of findings and determination of next steps

 

Phase 1

Accomplishments to date include:


Request to Pay Lifecycle Transformation: Engaged with Huron to evaluate and expand Jaggaer for request to expense functionality.

Financials Policy and Processing Improvements: Addressing billing issues, standardizing report codes, and updating AUF and NACUBO codes.

Signature Desk Approval Improvement: Enhanced flexibility for signature approvals.

Updated Procurement Forms: Streamlined forms for various procurement needs, including noncompetitive purchases and emergency procurements.

UT Market Enhancements: Expanded functionality and new catalogs for easier campus purchases.

Unified Navigation Framework: Created a unified navigation framework across multiple financial applications.

 

Work continues in the following areas:

  • UT Tracker Expansion: Integrating more financial operations and piloting with various schools.
  • Policy/Procedure Enhancements: For account reactivation and wire transfer processes.
  • Financial Reporting Improvements: Deploying Power BI cubes for monthly and yearly financial reporting.